Ripple has received regulatory approval from the DFSA to provide crypto payment services in the UAE. This allows Ripple to operate within the DIFC, making it the first blockchain-enabled payment provider in the area. The move is expected to enhance cross-border payments for businesses in the region, attracting both cryptocurrency firms and traditional financial institutions.
Ripple has garnered full regulatory approval from the Dubai Financial Services Authority (DFSA) to provide cross-border crypto payment services in the United Arab Emirates (UAE). The company announced on March 13 that it has secured its DFSA license, enabling operations within the Dubai International Financial Center (DIFC), an economic zone with its own tax policies and regulatory frameworks.
This announcement follows Ripple’s in-principle approval from the DFSA received six months prior. On October 1, 2024, Ripple expressed its intent to secure licensing in order to roll out its digital asset infrastructure throughout the UAE, marking an important step in its operational expansion.
With the newly acquired license, Ripple is poised to deliver global blockchain payment solutions to businesses in the UAE, catering to both crypto-native firms and traditional financial institutions seeking to integrate digital assets into real-world applications. CEO Brad Garlinghouse emphasized that the UAE is exceptionally positioned for technological and cryptocurrency innovations.
Furthermore, Ripple’s increased demand for cross-border payment solutions has been noted particularly in the Middle East, showcasing interest from both innovative startups and established financial institutions looking to adapt to a changing financial landscape.
In becoming the first blockchain payment provider in the DIFC, Ripple has solidified its commitment to the region. DIFC CEO Arif Amiri praised Ripple’s accomplishment, affirming that the approved license offers Ripple significant opportunities not only in the UAE but throughout the MENA region.
Ripple’s acquisition of the DFSA license marks a significant milestone for the company, allowing it to operate as the first blockchain-enabled payments provider in Dubai’s financial center. This development is poised to facilitate enhanced cross-border payment solutions within the UAE, catering to a rising demand from both innovative and traditional financial entities, effectively positioning Ripple at the forefront of the region’s crypto growth.
Original Source: cointelegraph.com
